Students enrolled in a higher level of education in Economics from The University of Queensland, Australia undergoes ECON1010 assessment every year. The purpose of writing the ECON1010 assessment is to develop a concrete practical knowledge and understanding of the primary economic principles that explain the reasons behind making decisions by an individual, government, or company, and how their decision-making increases the use of existing resources.
This year, the ECON1010 assessment is based on the Macroeconomics Impacts of Coronavirus Pandemic in Australia. Here, students are required to look into three different tasks of the ECON1010 assessment. They are –
Before proceeding with the above-given tasks, you are required to read and understand the given case scenario.
Objectives are as followed:
- Analysis: You are required to analyse the economic scenario in Australia caused due to COVID-19 using your technical expertise and specialised knowledge.
- Communication Skills: You must present an effective analysis report including findings and recommendations to the decision-makers as a third party or independent observer.
Now, our subject-matter experts providing macroeconomics assignment help have discussed the current situation of the Australian economy and possible economic policies to combat the impacts of COVID-19.
Possible Economic Consequences of COVID-19 pandemic in Australia
Due to Coronavirus pandemic infectious disease, countries like China, the UK, the USA, India, and Australia have a huge impact on their GDP. In the beginning month of 2020, the world watched that over 11 million residents of China went into lockdown because of Coronavirus. The hope was that this coronavirus would be contained soon but despite exceptional steps against this virus, it was noticed the disruption of their economy, and ensuing contamination to further economies like:
- Disruption in supply chains
- Restriction to the travelling of people
In Australia, there are 6,507 confirmed coronavirus cases, 63 deaths, and 3,747 are recovered successfully (Australian Government/ Department of Health). The impacts of COVID-19 were felt first by:
- Domestic businesses including students and not-student tourism mainly depend on people coming from China, India, Pakistan, and other Asian countries to Australia.
- As time passed, the expenditure of lobsters also restricted
As the low running of inventories, the manufacturing worldwide supply chains also got affected. Parallelly, movements can also be seen in the Australian Dollar:
The Australian Dollar: AUD is a proxy for RMB. With the increase in the number of coronavirus cases, China’s economy gets slowed. Also, the value of AUD depreciated as compared to USD.
Estimated Impacts of COVID-19
It has been seen that the COVID-19 had lower the output as well as productivity these days in all the regions and countries. The best way to measure the impact is in terms of GDP. Gross Domestic Product is used to measure the net output of a country. It is estimated that the Australian GDP can be declined to $34.2 billion over a year.
Putting this economic retrenchment in context, it is noted that:
- 1.32% is the pandemic-related contraction in Australia’s GDP.
- The GFC global GDP could decline by 5.2%.
Loss of GDP (in US$m)
It has been observed that high consumption and service sectors have suffered more because of COVID-19 pandemic disease. You may be aware that countries like Australia mostly depend on importing consumer goods, and exports the materials or inputs required in producing them. But now, during the coronavirus pandemic situation, the import and export are restricted and thus there is a loss in demand for their exports. Therefore, it is projected that the household consumption of Australia will decline up to AUD$37.9 billion over the year.
Impacts of COVID-19 in Australia
The impacts of COVID-19 can be seen as Government impacts and community impacts of Australia. Let’s understand these impacts in detail by our economics assignment help experts.
The impact on the Australian Commonwealth Government’s Budget would be significant. As per our analysis, it is estimated that the tax revenue for 2020-21 can decline by AUD 25.8 billion. 1% increase can be seen in expenditure which might be conventional; the primary cash balance can also fall from the estimated surplus of A$6.1 billion to a dearth of A$24.8 billion. As compared to the Global Financial Crisis, the cash balance deficit of Australia was A$27 billion in the year 2008-09 and A$54.5 billion in 2009-10.
As per the Australian Bureau of Statistics, 8.66 million people have visited Australia in the 12 months that ended in September 2019. Most of the visitors were from China (nearly 1.33 million) which is equal to 27% of the A$45 billion collections. Our macroeconomics assignment help experts agree that the travel ban in Australia has a huge impact. The month of February is the busiest and eventful month for international tourists.
Get Complete Solution for ECON1010: Macroeconomic Impacts of Coronavirus Pandemic in Australia Assignment
Australia has over 6,500 confirmed cases of Coronavirus as of April 17, 2020. More than 330,000 people have been tested across Australia. Our experts serving macroeconomics assignment help in Australia have analysed that there are key measures like the ban of public gatherings, social distancing, and shutting down of businesses that are taken by the Australian government to get prevent the spread of COVID-19. Apart from this, there are few measures have been taken into account like fiscal, monetary, exchange rate, macro-financial, etc. Also, they have written assignments related to COVID-19 for universities like RMIT, University of Sydney, and more.
Hence, if you are unable to write ECON1010: Macroeconomic Impacts of Coronavirus Pandemic in Australia Assignment Answer on your own, get in touch with us and we will help you with a complete solution and ECON1010: Macroeconomic Impacts of Coronavirus Pandemic in Australia Assignment Sample.